FHLBNY Bulletin No. 011

December 27, 2012

RE: Member Products Guide

The Federal Home Loan Bank of New York (FHLBNY) has updated its Member Products Guide (the Guide).

The Guide details the FHLBNY’s credit and collateral standards and can assist you in finding helpful information on matters such as the requirements for advance borrowings, eligible collateral types, and service fee schedules.

The Guide can be found by signing on to 1Linksm, our internet banking system and clicking on the 'Manuals and Guides' tab. The Guide is updated as needed throughout the year. The newly published version of the Guide reflects changes to FHLBNY products and services.

Below are brief descriptions of the more substantive changes to the Member Services Guide:

  • 2013 Fee Schedules
    Revisions have been made to the 2013 Fee Schedules for Collateral, Credit, and Correspondent Services.
    • Effective January 1, 2013, the following Credit and Correspondent Services fees will be eliminated:

      Funds Transfer Fees:
         › The Overdraft Penalty Fee.
         › All fees associated with International Wires.

      Credit Services Fees:
         › The Administrative fee of $100 for processing a rebate request on a Refundable

      Collateral Services Fees:
         › The Submission/Review fee for individual Commercial Real Estate loans having original
         balances greater than or equal to $25 million.

    • On February 1, 2013, the following Credit and Correspondent Services fee changes will take effect:

      Safekeeping Services Fees:
         › The Confirmations for Special Services fee associated with pledges to third parties will
         be increased from $15 to $25 per confirmation.

      Credit Services Fees:
         › When a member requests a change in collateral from a Repo Advance to a Non-Repo
         Advance, the fee for advances originated on May 31, 2009 or prior is adjusted from
         10bp to 6bp, and for advances originated on June 1, 2009 or after, the fee is adjusted
         from 10bp to 3bp.
  • Prepayment of Advances Section
    The Prepayment of Advances section has been updated to reflect outdated language regarding rebates on Adjustable-Rate Credit Advances.
  • Anti-Predatory Lending Section
    The Anti-Predatory Lending section has been updated to more specifically state what practices are not allowed on mortgage collateral for advances.
  • On-Site Collateral Reviews Section
    The description of the On-Site Review process and purpose of same has been clarified.

Credit questions may be directed to Jim Bernard, VP, Member Services Operations at (212) 441-6721. Collateral questions may be directed to Mike Volpe, VP, Collateral and Correspondent Services at (201) 356-1081, or Bryan Gallagher, VP, Collateral Valuations at (201) 356-1148 or Cynthia Palladino, VP, Collateral Analytical Services at (201) 356-1209. You may also contact your Calling Officer or contact Paul Héroux, Head of Member Services directly at (212) 441-6808.

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